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The Creeping Arm of Taxation, and How Seniors Are Affected

By now, many older Americans have either filed their 2022 federal tax returns or are preparing to do so, and have come to grips with the fact that more and more of their Social Security benefit is spilling into the income-to-be-taxed bucket. And if you’re affected and you’ve asked “What’s going on here,” you know the cause…the changes implemented four decades ago to assess federal income tax on modified adjusted earnings exceeding established limits. Back then, the limits were such that only about 10% of taxpayers would be affected; now, since these limits have never been adjusted, it’s hitting more than half of senior tax filers. CNBC Personal Finance Reporter Lorie Konish, in a post on their website, describes this issue as a “stealth tax,” and explains how it works and steps taxpayers can take to lessen the surprise (but not the pain) at tax filing time. She also suggests some financial strategies that can be considered to mitigate the overall amount of tax needing to be paid. Read her post here

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